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70 year lease on house instead of buying outright

  • 17-09-2023 11:43am
    #1
    colmmcgettrick
    Registered Users, Registered Users 2 Posts: 13 ✭


    Not an option I have seen, but wondering about the pro’s and con’s . Might be a route to enable current generation to afford a house in their 30’s ? After 70 years house might revert to being owned by property management group or the county council depending on framework of initial purchase. They then have an added interest to maintain the area.



Comments

  • #2
    colmmcgettrick
    Registered Users, Registered Users 2 Posts: 13 ✭colmmcgettrick


    Please add ur own pros and cons, thanks



  • #3
    zell12
    Registered Users, Registered Users 2 Posts: 28,042 ✭✭✭✭zell12


    We have it already, they call it social housing



  • #4
    Jim_Hodge
    Registered Users, Registered Users 2 Posts: 11,717 ✭✭✭✭Jim_Hodge


    It's also called renting or even social housing.

    How does it differ? You still have to pay for the lease.



  • #5
    Furze99
    Registered Users, Registered Users 2 Posts: 11,392 ✭✭✭✭Furze99


    https://www.boards.ie/discussion/2058314154/70-year-lease-on-house-instead-of-buying-outright

    Leasehold as opposed to Freehold, I think you refer to. Common enough in commercial property here I think. But less so in residential afaik. Goes back to our innate historical distrust of landlordism etc I guess and our desire to own land/ property. I recall from study days that more common in UK as an option.



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